Scr Year End Report 2011

8/3/2019 Scr Year End Report 2011

http://slidepdf.com/reader/full/scr-year-end-report-2011 1/9

FOR RESIDENTIAL REAL ESTATE ACTIVITY FROM THE

STATE OF SOUTH CAROLINA

Annual Report on the South

Carolina Housing Market



3

5

6

7 Price Range Review

8

9

Current as of January 13, 2012. All data from Multiple Listing Services of South Carolina. Provided by South Carolina REALTORS®. Powered by 10K Research. | 2

Table of Contents

Quick Facts

Property Type Review

Sales Housing recovery won’t occur without consumer

participation. In 2011, housing demand held relatively

steady, independent of government incentives. Closed

sales were down 1.7 percent to 46,762 for the year.

Inventory No matter your personal beliefs or favorite

type of Angry Bird, there’s no denying the fact that buyers

have fewer choices from which to pick and sellers are

facing less competition.

Prices Home prices in the state during 2011 tickeddownward by 1.0 percent to $148,500. That's down

roughly 10 percent from their bubbly apex in 2007, but

that's a much smaller drop than many other parts of the

country have experienced.

Higher. Increase. Positive. These are words we expect to

use more of in 2012. The major factor constraining market

recovery will not be with us forever. Lender-mediated

inventory is a tar pit in the near-term, but it will soon be

absorbed, removing the downward pressure on overall

prices.

At the same time, housing doesn’t live in a vacuum. A

number of local, national and global changes must takeplace to restore stability and confidence in the

marketplace. For one, credit-worthy home buyers need

access to mortgage capital. And although past policies

temporarily dampened the natural ebb and flow of the

market, a comprehensive housing policy framework is

necessary to guide sustained recovery.

FOR RESIDENTIAL REAL ESTATE ACTIVITY FROM THE

STATE OF SOUTH CAROLINA

What was largely touted as a recovery year for our nation turned

into a morass of political gr idlock, credit downgrades, financial

volatility, upstart protest movements and a sluggish jobs picture.

The housing sector, in particular, did not see the recovery it

should have. It was another transition year in what has become a

more drawn-out bottoming process than most would like.

Let's face facts: There is no way to know for sure what the future

holds. But a few important patterns emerged in 2011 that could

clue us in. Key leading indicators are setting the stage for better

times ahead and we are encouraged by these emerging patterns.

There is a sense of momentum in the right direction.

Falling supply and rising demand (in some markets) suggest

improving fundamentals. Distressed properties made up a sizable

share of that demand, which prevented price gains. Although

foreclosures continued to hinder a full-on housing recovery in

2011, many of them were sold, bringing supply of this price drag

to a much lower level than in recent years. The path of least

resistance is higher prices.

And remember that 2010 tax credit for first-time home buyers?

Hindsight indicates that Washington was trying to catch a falling

knife. The credit temporarily reversed the market’s natural tide,

causing forecasters to prematurely declare that we’d hit bottom.

Make no mistake, the economy is on the mend. Layoffs have

slowed, hiring has accelerated, fewer homes in financial distress

are entering the market. It’s good to see that time still has a way

of healing most wounds.

Housing demand has stabilized and a steadily expanding

construction sector is generating the jobs needed to invigorate

recovery. New jobs will drive housing demand and activate the

widely-coveted “positive feedback loop.” Housing helps jobs

which helps housing which helps jobs. You get the idea.

Additional labor market growth combined with record-low

mortgage rates have bolstered purchase demand. Armed withcheap money, buyers took to the streets in 2011 and are

expected to continue forging new households at a reasonable

clip.

Listings Seller activity slowed during the year, both for

traditional sellers as well as for banks. The net result was a

significant reduction in the supply of homes compared to 2010.

Annual Report on the South Carolina

Housing Market

Click on desired metric to jump to that page.

Area Historical Prices

Bedroom Count Review

Area Overviews



Aiken - 1.1% Hilton Head Area + 15.4%

North Augusta - 5.1% Sumter/Clarendon County + 7.5%Sumter/Clarendon County - 5.4% Charleston Trident + 6.9%

Greenwood - 8.9% Coastal Carolinas + 6.5%

Greater Columbia - 10.7% Aiken + 3.1%

Charleston Trident - 15.9% Greater Greenville - 4.0%

Western Upstate - 17.0% Western Upstate - 5.7%

Greater Greenville - 17.7% Greater Columbia - 6.0%

Spartanburg - 20.2% Greater Pee Dee - 9.2%

Piedmont Regional - 31.4% Piedmont Regional - 13.6%

Hilton Head Area + 9.4% North Augusta - 2.9%

Charleston Trident + 5.5% Beaufort - 6.9%

Sumter/Clarendon County + 4.7% Aiken - 7.1%

Coastal Carolinas + 2.7% Greater Pee Dee - 9.1%

Beaufort + 0.5% Sumter/Clarendon County - 9.1%

North Augusta - 5.7% Hilton Head Area - 16.2%

Greater Pee Dee - 8.8% Greater Greenville - 17.3%

Southern Midlands - 10.6% Spartanburg - 21.3%

Greater Columbia - 10.9% Charleston Trident - 22.4%

Piedmont Regional - 15.0% Piedmont Regional - 34.9%

2011 Annual Report on the South Carolina Housing Market

Quick Facts

Current as of January 13, 2012. All data from Multiple Listing Services of South Carolina. Provided by South Carolina REALTORS®. Powered by 10K Research. | Click for Table of Contents | 3

Bottom 5 Areas: Change in Closed Sales from 2010 Top 5 Areas: Change in Homes for Sale from 2010

Top 5 Areas: Change in Pending Sales from 2010

Bottom 5 Areas: Change in Pending Sales from 2010

Top 5 Areas: Change in Closed Sales from 2010 Top 5 Areas: Change in Homes for Sale from 2010

Bottom 5 Areas: Change in New Listings from 2010

Top 5 Areas: Change in New Listings from 2010

At the end of the year.

41,338

53,17156,162 57,073

48,158

2007 2008 2009 2010 2011

69,549

52,04347,132 47,556 46,762

2007 2008 2009 2010 2011

66,872

50,580 48,121 48,282 48,476

2007 2008 2009 2010 2011

108,615106,261

109,010

113,433

96,807

2007 2008 2009 2010 2011

New Listings Pending Sales

- 2.2% + 2.6% + 4.1%

Closed Sales Inventory of Homes for Sale

- 14.7% - 24.4% - 4.9% + 0.3% + 0.4%

- 25.2% - 9.4% + 0.9% - 1.7% + 28.6% + 5.6% + 1.6% - 15.6%



Southern Midlands + 8.9% Southern Midlands + 7.2%

Aiken + 4.1% Beaufort + 2.4%North Augusta + 3.4% Sumter/Clarendon County + 1.3%

Beaufort + 2.4% Spartanburg + 1.1%

Sumter/Clarendon County + 1.2% Aiken + 0.9%

Piedmont Regional - 1.8% North Augusta - 0.5%

Western Upstate - 2.0% Piedmont Regional - 2.7%

Charleston Trident - 2.7% Coastal Carolinas - 4.0%

Hilton Head Area - 2.8% Charleston Trident - 4.6%

Coastal Carolinas - 7.3% Hilton Head Area - 5.3%

Greater Pee Dee + 19.3% Hilton Head Area - 0.0%

Southern Midlands + 16.9% Southern Midlands - 0.1%

Greenwood + 16.3% Aiken - 0.1%

Beaufort + 15.3% North Augusta - 0.2%

Piedmont Regional + 13.0% Coastal Carolinas - 0.3%

Western Upstate + 6.5% Piedmont Regional - 0.5%

Hilton Head Area + 5.2% Sumter/Clarendon County - 0.7%

Charleston Trident + 4.3% Greater Columbia - 0.7%

Coastal Carolinas + 4.1% Beaufort - 1.1%

Sumter/Clarendon County + 2.6% Greenwood - 1.8%


Quick Facts

Top 5 Areas: Change in Median Sales Price from 2010 Top 5 Areas: Change in Average Sales Price from 2010

Bottom 5 Areas: Change in Median Sales Price from 2010 Bottom 5 Areas: Change in Average Sales Price from 2010


Bottom 5 Areas: Change in Days on Market from 2010 Top 5 Areas: Change in Pct. of List Price Received from 2010

Top 5 Areas: Change in Days on Market from 2010 Top 5 Areas: Change in Pct. of List Price Received from 2010

$165,850

$160,000

$148,672 $149,999$148,500

2007 2008 2009 2010 2011

96.6%

95.8%

95.0%94.7%

94.3%

2007 2008 2009 2010 2011

116123

132 133143

2007 2008 2009 2010 2011

$224,011

$212,854

$192,026$194,634 $192,767

2007 2008 2009 2010 2011

Median Sales Price Average Sales Price

- 3.5% - 7.1% + 0.9%

Days on Market Until Sale Percent of List Price Received

- 1.0% - 5.0% - 9.8% + 1.4% - 1.0%

+ 6.6% + 7.1% + 0.5% + 8.1% - 0.8% - 0.9% - 0.3% - 0.5%



Top Areas: Townhouse-Condo Attached Market Share in 2011

Coastal Carolinas 45.4%

Hilton Head Area 28.8%

Charleston Trident 17.5%

Beaufort 11.2%

Piedmont Regional 10.3%

Western Upstate 8.7%

Greenwood 8.6%

Greater Columbia 8.1%

Greater Greenville 6.9%

Aiken 4.7%

Greater Pee Dee 2.9%

Southern Midlands 2.2%

Sumter/Clarendon County 1.4%

North Augusta 0.0%

Spartanburg 0.0%


Property Type Review

145 175 Average Days on Market

Single-Family Detached

Average Days on Market

Townhouse-Condo Attached

This chart uses a rolling 12-month average for each data point.

-0.6% -6.1% 94.5% 93.6%


One-Year Change in Price


One-Year Change in Price


Pct. of List Price Received


Pct. of List Price Received


96.6% 97.0%95.9% 95.7%95.1% 94.2%94.9% 94.2%94.5% 93.6%

Single-Family Detached Townhouse-Condo Attached

2007 2008 2009 2010 2011

$170K $168K$165K

$151K$155K

$130K

$158K

$123K

$157K

$115K

Single-Family Detached Townhouse-Condo Attached

2007 2008 2009 2010 2011

90

100

110

120

130

140

150

160

170

180

1-2007 1-2008 1-2009 1-2010 1-2011

Single-Family

Townhouse-Condo

Days on Market Until Sale

Median Sales Price Percent of List Price Received



Top Areas: 4 Bedrooms or More Market Share in 2011

North Augusta 43.6%

Greater Columbia 38.3%

Charleston Trident 38.1%

Greater Greenville 34.6%

Sumter/Clarendon County 31.9%

Beaufort 29.0%

Western Upstate 27.7%

Greater Pee Dee 27.4%

Greenwood 24.8%

Hilton Head Area 23.0%

Southern Midlands 19.3%

Coastal Carolinas 17.4%

Piedmont Regional 0.0%

Spartanburg 0.0%

95.2%


Bedroom Count Review

This chart uses a Rolling 12 Month Average for each data point.


- 3.1% + 5.7%Reduction in Closed Sales

2 Bedrooms or Less

Growth in Closed Sales

4 Bedrooms or More

Percent of List Price Received

in 2011 for

All Properties


in 2011 for

2 Bedrooms or Less


in 2011 for

3 Bedrooms


in 2011 for

4 Bedrooms or More

94.3% 92.6% 94.4%

7,253

22,325

12,378

7,026

21,565

13,084

2 Bedrooms or Less 3 Bedrooms 4 Bedrooms or More

2010 2011

92%

93%

94%

95%

96%

97%

98%

1-2007 1-2008 1-2009 1-2010 1-2011

2 Bedrooms or Less 3 Bedrooms 4 Bedrooms or More

Closed Sales


-3.1% -3.4% +5.7%



Price Range with the

Most Closed Sales

Price Range with Strongest

One-Year Change in Sales:

$100,000 and Below

Price Range with the

Fewest Closed Sales

Price Range with Strongest

One-Year Change in Sales:

$100,001 to $150,000


Price Range with

Shortest Average

Market Time

Price Range with

Longest Average

Market Time

of Homes for Sale

at Year End Priced

$100K and Below

One-Year Change

in Homes for Sale Priced

$100K and Below

$100K and

Below + 8.0%$300K and

Above - 9.2%


Price Range Review

$100K and

Below

$300K and

Above

20.5% - 20.1%

12,134 12,409

8,934

7,521

8,360

12,882

11,555

8,6357,767

6,117

13,914

10,488

8,024 7,6596,675

$100,000 and Below $100,001 to $150,000 $150,001 to $200,000 $200,001 to $300,000 $300,001 and Above

2009 2010 2011

140

149

147

147

184

$100,000 andBelow

$100,001 to

$150,000

$150,001 to$200,000

$200,001 to$300,000

$300,001 and Above

Days on Market Until Sale by Price Range

Closed Sales by Price Range

10%

12%

14%

16%

18%

20%

22%

24%

1-2007 1-2008 1-2009 1-2010 1-2011

Share of Homes For Sale

Priced at $100,000 and Below

- 0.6%+ 9.5%- 1.4%+ 3.3%- 7.1%- 3.3%- 9.2%- 6.9%+ 8.0%+ 6.2%



Total

Closed Sales

Change

from 2010

Percent

Townhouse-

Condo

Percent 2

Beds or Less

Percent

$100K or

Less

Days on

Market

Pct. of List

Price

Received

Aiken 1,272 - 1.3% 4.7% 11.5% 27.6% 200 95.1%

Beaufort 979 + 0.5% 11.2% 14.1% 26.6% 202 93.2%

Charleston Trident 9,238 + 5.5% 17.5% 13.0% 27.6% 111 89.9%

Coastal Carolinas 7,550 + 3.2% 45.4% 29.3% 31.7% 181 93.8%

Greater Columbia 6,425 - 10.9% 8.1% 10.9% 29.0% 119 94.9%

Greater Greenville 6,666 - 2.5% 6.9% 11.3% 31.7% 114 94.5%

Greenwood 524 - 3.9% 8.6% 18.5% 46.6% 171 91.8%

Hilton Head Area 2,718 + 9.4% 28.8% 36.4% 19.6% 139 93.8%

North Augusta 849 - 5.7% 0.0% 9.4% 25.3% 167 96.4%

Piedmont Regional 2,340 - 15.0% 10.3% 0.0% 29.7% 173 94.1%

Greater Pee Dee* 1,363 - 8.8% 2.9% 8.7% 44.4% 132 88.2%

Southern Midlands 270 - 10.6% 2.2% 9.6% 58.5% 210 90.7%

Spartanburg 2,459 - 4.4% 0.0% 0.0% 44.4% 159 93.4%

Sumter/Clarendon County 1,113 + 4.7% 1.4% 6.3% 35.0% 170 94.2%

Western Upstate 2,753 - 1.4% 8.7% 15.5% 41.7% 169 92.3%

State Totals** 46,762 - 1.7% 16.4% 15.0% 27.6% 143 94.3%

Area Overviews



*The Percent of List Price Price Received noted for Charleston Trident and Greater Pee Dee is actually a calculation of the Percent of Original List Price Received. **State Totals are not a

summation of the areas in the table. This is done so as not to double-count any listings that may be found in more than one MLS.



2007 2008 2009 2010 2011Change

From 2010

Change

From 2007

Aiken $153,500 $150,000 $143,900 $145,950 $151,880 + 4.1% - 1.1%

Beaufort $224,500 $204,420 $187,000 $174,700 $178,950 + 2.4% - 20.3%

Charleston Trident $207,900 $200,000 $181,804 $187,000 $182,000 - 2.7% - 12.5%

Coastal Carolinas $208,940 $183,844 $156,900 $150,000 $139,040 - 7.3% - 33.5%

Greater Columbia $144,500 $144,900 $139,169 $141,500 $141,000 - 0.4% - 2.4%

Greater Greenville $148,240 $149,900 $136,200 $140,000 $140,000 0.0% - 5.6%

Greenwood $110,000 $114,950 $110,000 $116,000 $115,500 - 0.4% + 5.0%

Hilton Head Area $350,000 $315,900 $266,000 $234,900 $228,250 - 2.8% - 34.8%

North Augusta $139,900 $138,000 $139,000 $145,000 $149,900 + 3.4% + 7.1%

Piedmont Regional $167,000 $162,965 $149,178 $151,000 $148,250 - 1.8% - 11.2%

Greater Pee Dee $115,900 $114,000 $114,000 $119,000 $118,628 - 0.3% + 2.4%

Southern Midlands $91,833 $90,000 $88,500 $82,675 $90,000 + 8.9% - 2.0%

Spartanburg $125,900 $123,063 $118,500 $116,500 $115,000 - 1.3% - 8.7%

Sumter/Clarendon County $126,900 $125,000 $124,000 $125,000 $126,500 + 1.2% - 0.3%

Western Upstate $136,500 $134,000 $123,000 $125,500 $123,000 - 2.0% - 9.9%

State Totals* $165,850 $160,000 $148,672 $149,999 $148,500 - 1.0% - 10.5%

Area Historical Median Prices



*State Totals are not a summation of the areas in the table. This is done so as not to double-count any listings that may be found in more than one MLS.

Documents

Scr Year End Report 2011